Financial Well-being and Financial Literacy in Bhutan: Evidence from Bongo Gewog

Abstract

Financial literacy, in a broad sense, is the knowledge and skills that empower people to make informed decisions regarding the use of financial services and the management of one’s private and business finances. The study discusses the detailed analysis of financial literacy, financial education, and management by the people of Bongo Gewog in Bhutan. The findings suggest that the financial literacy among the people of Bongo is high; however, the literal knowledge of financial literacy is low. The research also found that education has a significant relationship with financial literacy wherein people with higher levels of qualification demonstrated a higher level of financial literacy and vice versa. This research concluded that males were more financially literate when compared to females.